The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-12-07

scheme Oi public piun"cr
EXCESS Or HLtE.lI.
Un the 9Oth day Of June. 1885, the eN
cess OF revenues ogerpuhiic expenditure
after complying with The annual require
ment Of the sinking fund act was sl.,-
SJ0. .735 81 during The year ended June
30 1856 such cyces. Amounted 10 s 49,
4Oj So 20. and during the year ended
June 80. 1887 il reached the sum of 80,
jG1 $40 -
The annual contributions 30 the ink
ing fund during The three years above
specihed. amounting i'm the aggregate 90
Sf3s 0js. 32O9f. and deducted from The
surplus as stated, were made ty calling
ia for that purpose outstanding three
per cent. bonds OF the Government
During The six months prior iO June 80,
1887. the surplus revenue had grown SO
large by repeated sccumulaiiOns. and 10
was feared the withdrawal of this great
sum of money needed by the poople,
would so affect the business Of the soun-
try that the sum of SO sGil0O OF such
surplus. was applied to the pay
ment Of the principal and inter
est ON the three per cent. bonds
still outstanding, and which were then
PAYABLE at the option OF The Government
The precariOus condition of financial af-
fairs among thepeople still needing relief,
Immediately after the 5Ofh day Of June,
1887. the remainder Of the three per cent.
bonds then outstanding, amounting with
princinal and interest 10 thc sum of SIS
sle 500 were called I'm and applied io The
sinking fund contribution for the current
fiscal year Notwithstanding these opc.
rations of the Treasury Department rep
reservations OF distress in business cir
cles not only continued tout increased.
and absolute peril seemed 90 hand In
these circumstances the contribution l0
the sinking fund for the current fiscal
wear was al once completed by the eN
pendhure of %21.6Si2ej55 in the nnr
chase of Government bonds not yel due
bearing four and four and a-halt per
cent interest the premium paid thereon
averaging about twentyfOnr per cent.
for the former and eight per cent for lhe
latter I'm addition tO this the interest
accruing during The current year upon
the outstanding bonded Indebtedness OF
the Government was 10 some extent am
ticipated and banks selected as deposiio-
ries Of public money were permitted to
somewhat increase their deposits.
ENORMOUS SURPLUS PREDICTED.
While the expedicnts thus employed,
to release 90 the people the money lying
idle in the Treasury. served 10 avert inn
mediate danger our surplus revenues
have continued 10 accumulate, the eX-
cess for the present yeai amounting on
the Isl day Of December 10 Sjj,2jS, ,1Ol 10,
and estimated 10 reacli the sum Of Sil3,-
600 900 on the 30th Of June next, al Viii Ia
date il is expected that this sum, added
10 prior accumulati0ns, will swell the sur
plus in the Treasury 20 $liO0OOOOO.
There seems 10 be no assurance that,
with such withdrawal from use of the
peoples circulating medium, our business
community may not in the near future
be subjected 10 the same distress which
was quite lately produced from be same
cause. And while the functions OF our
National Treasury should be few and
simple.and while iis best condition would
be reached, / believe, by its entire
tlSrOnneCtlOn VIII private hil1i
ness interests, yet, when per
version Of its purposes, il idly holds
money uselessly sub-traciel from the
channels Of trade there seems 10 be rea-
son for the claim that some legitimate
means should be devised by the Govern
ment TO restore in an emergency without
waste or extravaganza, such money 10
its place among the people.
Ii such an emergency arises there now
exists no clear and undoubted executive
power Of relief. Heretofore the re-
dempion Of per cent bonds, which
were payable at the option OF the Govern
ment' has afforded a means for the dis
bursement Of the excess OF our revenues
but these bonds have all been retired, and
there are no bonds outstanding the pay
ment of which We have the right 10 in
sist upon. The contribution TO the sink
ing fund which furnishes the occasion
for expenditure in the purchase Of bonds
has been already made for the current